Miami Fontainebleau battling creditors

As the Fontainebleau Las Vegas battles creditors in a bankruptcy fight, its namesake, the Fontainebleau Miami Beach, faces claims of unpaid bills, too.
More than 30 construction companies, designers, installers and others hired for the $500 million renovation of South Florida's largest resort have filed court claims totaling nearly $65 million -- the result, they say, of bills still unpaid nine months after the 1,504-room oceanfront property reopened amid a global financial crisis

Read more:
http://www.miamiherald.com/business/story/1203923.html

Accor reports 2009 First-Half Results

 Prepaid Services: firm resistance of revenue (up 5.7% like-for-like1) and margin (up
0.4 points like-for-like)
 Hotels:
 Economy hotels outside the US: resilient revenue (down 7.3% like-for-like) and
margin (down 2.3 points like-for-like), led by a solid performance in France
 Upscale and Midscale Hotels and Economy Hotels in the United States: two
segments severely impacted by the crisis
 Operating profit before tax and non-recurring items: €182 million (down 44.5% likefor-
like)
 Robust balance sheet: Funds from operations/adjusted net debt ratio of 21.5%
 Cost-cutting plans already 50% completed in the first half: owned/leased hotels
operating costs reduced by €72 million and support costs by €37 million
Operating costs reduction plan in the owned/leased hotels raised to €150 million from
€120 million
 Full-year target for operating profit before tax and non-recurring items:
€400 million to €450 million

Read more:
http://www.accor.com/fileadmin/user_upload/Contenus_Accor/Finance/PDF/EN/CP_S12009_EN.pdf

Accor Says It May Spin Off Services Unit; Stock Jumps

Aug. 27 (Bloomberg) -- Accor SA, Europe’s biggest hotel owner, said it may spin off its service-voucher unit, reversing previous plans to keep the division and prompting the shares’ biggest gain in almost a year.

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http://www.bloomberg.com/apps/news?pid=20601205&sid=aZajnbQnGPWs

THE HONGKONG AND SHANGHAI HOTELS, LIMITED

Key financial results
• Turnover decreased by 18% to HK$1,962 million.
• EBITDA decreased by 41% to HK$411 million.
• Profit before non-operating items and taxation decreased by 62% to HK$182 million.
• Profit attributable to shareholders decreased by 71% to HK$462 million.
• Earnings per share decreased by 71% to HK$0.32.
• Shareholders’ funds as at 30 June 2009 amounted to HK$21.3 billion (HK$14.49 per share).
• Adjusted net asset value as at 30 June 2009 amounted to HK$26.3 billion (HK$17.96 per share).
• Gearing ratio increased to 9% (2008: 5%).
• Interim dividend of 3 HK cents (2008: 6.5 HK cents) per share.

Read more:
http://www.hshgroup.com/uploadedfiles/News_Centre/News/pdf/2009%20Interim%20Result%20Press%20Release%20-%20English.pdf

Hotel Receivers Face Long Stay -- and Rich Rewards

The growing wave of U.S. hotels defaulting on their debt has spawned a growth industry for companies that oversee and operate hotels seized by lenders. In many cases, the companies taking over the ailing properties own their own hotels as well. The new business is helping them hang tough during one of the worst hotel markets since World War II.

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http://online.wsj.com/article/SB125124003973558497.html

Oceanfront resort Terranea facing financial challenges

The oceanfront Terranea Resort, built on the former site of the Marineland of the Pacific theme park on the Palos Verdes Peninsula, opened this summer amid much fanfare. But its long-running financial challenges remain.The 582-room luxury hotel and spa, completed in June at a cost of $480 million, remains open and is performing better than expected, according to Bob Lowe, chairman of Lowe Enterprises, the resort's principal.

Read more:
http://www.latimes.com/business/la-fi-terranea20-2009aug20,0,6238518.story

STR Global posts July 2009 results for Europe

LONDON—The European hotel industry posted mixed year-over-year results when reported in U.S. dollars, euros and British pounds for July 2009, according to data compiled by STR Global.
Figures for occupancy, average daily rate and revenue per available room ranged from double-digit losses to double-digit gains, depending on the market and the currency used for comparison

Read more:
http://www.hotelnewsnow.com/articles.aspx?ArticleId=1771

STR Global posts July 2009 results for Middle East/Africa

LONDON—The Middle East/Africa region suffered declines in all three key measurements in year-over-year results when reported in U.S. dollars for July 2009, according to data compiled by STR Global.
The region’s occupancy dropped 11.0 percent to 62.0 percent; average daily rate decreased 3.0 percent to US$135.02; and revenue per available room decreased 13.6 percent to US$83.77.

Read more:
http://www.hotelnewsnow.com/articles.aspx?ArticleId=1777

STR Global posts July 2009 results for Asia/Pacific region

LONDON—Hotels in the Asia/Pacific region experienced decreases when reported in U.S. dollars for all three key performance metrics for July 2009, according to data compiled by STR Global.
In year-over-year measurements, the Asia/Pacific region’s occupancy dropped 6.3 percent to 61.7 percent; average daily rate declined 15.9 percent to US$113.20; and revenue per available room fell 21.2 percent to US$69.83.

Read more:
http://www.hotelnewsnow.com/articles.aspx?ArticleId=1778

Diplomats Help Boost Rates at World's Most Expensive Hotels

Amid the recession, rock stars, diplomats and other celebrities find solace from the doom and gloom by spending their time in sanctuary provided by the world's most luxurious, and expensive, hotels. While many of us are tightening our belts, shortening our summer holidays or even abandoning them, hoteliers to the rich and famous claim to have no trouble filling their most exclusive accommodations, and in the case of the most expensive suite in the world, managing to double its rate to $65,000 (€45,642) a night.

Read more:
http://online.wsj.com/article/SB125129933050760795.html

Occupancy rates rise in London, decline elsewhere

PKF's latest survey shows a continuing rise in occupancy in London, in part probably driven by the 27 per cent fall in sterling value against other currencies. It is a measure of the lack of foreign tourists in other parts of the country that despite all the talk about 'staycationing' there has been a small fall in occupancy levels outside the capital.

Read more:
http://www.hoteldesigns.co.uk/file_download.php?ts=1251241200&fn=UK_Hotels_end_of_July_2009.doc

NJ approves new Tropicana ownership led by Icahn

ATLANTIC CITY, N.J. -- New Jersey regulators approved a plan Wednesday for the former corporate parent of Atlantic City's bankrupt Tropicana Casino and Resort to operate the business again as a reorganized company owned by a group of investors led by billionaire Carl Icahn.
The state Casino Control Commission revoked Tropicana Entertainment LLC's casino license in December 2007 after finding that cost-cutting by its former owner, William J. Yung III, left the casino understaffed and dirty.

Read more:
http://www.newsobserver.com/1566/story/1663552.html